GEA signed an agreement to acquire Comas in Italy.
The company is a leading supplier of demanding industrial processing equipment and solutions in the cake and pastry industry in Europe. As an established player in the cake and pastry segment, Comas will join the business area Solutions in the new GEA set-up to form the new application center for bakery. The acquisition perfectly fits the GEA 2020 target footprint and enables the group to further strengthen its leading position in sophisticated process technology for the food industry. Comas is based in Torrebelvicino, North Italy, has 155 employees and generated revenues of about EUR 50 million in fiscal year 2014 mainly in the European and Asian markets. The Company’s profitability is above GEA average. The transaction remains subject to approval by the anti-trust authorities.
“The acquisition of Comas perfectly fits with our strategy “GEA 2020” to further strengthen GEA’s competences in technologically advanced processes and attractive product applications in the food sector” commented Juerg Oleas, CEO of GEA. “Comas operates in a market segment that is characterized by stable growth rates and demand for integrated solutions in complex production processes. By combining Comas with our Group, the company will benefit from GEA’s global network to further strengthen its existing sales and service organization. In order to expand Comas’ already strong technology position, GEA plans further investments to foster innovations and support product development. On this basis, the business will be able to strengthen its footprint in important growth markets in the future.”